SingleSource Property Solutions has joined with a company named American Destiny. If you sign up with American destiny they require you to pay 25% of your meager 2% commission. This means that the agent is working for 1.5% or less since they take so long to reimburse for expenses. Has anyone experienced this rip off?
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Congress woman Maxine Waters and JP Morgan Chase are exerting a lot of energy attempting to encourage and look after the local REO Agents. I think that if Congress and Chase knew how Single Source was conspiring to rip off the REO Agents, they might be quite concerned. Just maybe someone should inform Chase about the underhanded deal Single Source and American Destiny Real Estate Services are promoting.
Traci Barton
Corporate Manager
333 Technology Dr, Suite 112,Canonsburg, PA 15317 1-877-557-4237 Ext 6001,724-745-4193Fax tbarton@adr-usa.com
Tara Nagelhout > Tyrone ArmstrongFebruary 9, 2011 at 4:56pm
I really didn’t realize that SS owned American Destiny until I told American Destiny that I was not going to continue to paying them a percentage of my commission and the asset was reassigned. I think that SS should just be honest and tell the agents that the commission is 1.5%. I think that American Destiny was created so that the banks that SS dose business with wouldn’t know that they are taking so much of the commission. I bet their sales success rate is very low. I bet Fanny and Freddie wouldn’t like to hear about this backroom deal.
I had completed close to 200 BPOs for Singlesource and I hadn't received any listings. I was finally accepted into American Destiny and a few months later received my first two listings. American Destiny isn't accepting new agents in many markets, so even if you wanted to join, you may not be able to.
In my market, if the volume is there, I am willing to share 25% of the 2% commission. I don't look at it as a rip off, I view it as an opportunity. This business decision makes sense for me at this time.
We all make our own business decisions. When you really complete the necessary task to sell and manage an asset, you will find that 1.5% is not quite enough. I didn’t mind 25% on a few deals but not on every deal. That’s highway robbery. Maybe the banks that SS services in your area don’t allow them to rob the agents. My company has completed over 500 BPO’s for SS but that doesn’t mean that I should allow myself to get ripped off.
We are both in the same market area. I get assignments directly from SS. I haven't been asked to signup with American Destiny. P.S. From what I read, American Destiny is owned by SS.
Replies
Congress woman Maxine Waters and JP Morgan Chase are exerting a lot of energy attempting to encourage and look after the local REO Agents. I think that if Congress and Chase knew how Single Source was conspiring to rip off the REO Agents, they might be quite concerned. Just maybe someone should inform Chase about the underhanded deal Single Source and American Destiny Real Estate Services are promoting.
Traci Barton
Corporate Manager
333 Technology Dr, Suite 112,Canonsburg, PA 15317 1-877-557-4237 Ext 6001,724-745-4193Fax tbarton@adr-usa.com
have to contact single Source directly
Hello Tyrone,
This property has been reassigned. Please send invoices for rekey and winterization.
Thank you,
Will Cashaw
Regional Vendor Liaison - Iowa, Kentucky, Maryland, Pennsylvania, South Carolina & Virginia
SingleSource Property Solutions
It appears that if you don’t wish to keep paying the additional commission to SS’s Real Estate company they will reassign the asset.
I really didn’t realize that SS owned American Destiny until I told American Destiny that I was not going to continue to paying them a percentage of my commission and the asset was reassigned. I think that SS should just be honest and tell the agents that the commission is 1.5%. I think that American Destiny was created so that the banks that SS dose business with wouldn’t know that they are taking so much of the commission. I bet their sales success rate is very low. I bet Fanny and Freddie wouldn’t like to hear about this backroom deal.
I had completed close to 200 BPOs for Singlesource and I hadn't received any listings. I was finally accepted into American Destiny and a few months later received my first two listings. American Destiny isn't accepting new agents in many markets, so even if you wanted to join, you may not be able to.
In my market, if the volume is there, I am willing to share 25% of the 2% commission. I don't look at it as a rip off, I view it as an opportunity. This business decision makes sense for me at this time.
We all make our own business decisions. When you really complete the necessary task to sell and manage an asset, you will find that 1.5% is not quite enough. I didn’t mind 25% on a few deals but not on every deal. That’s highway robbery. Maybe the banks that SS services in your area don’t allow them to rob the agents. My company has completed over 500 BPO’s for SS but that doesn’t mean that I should allow myself to get ripped off.
We are both in the same market area. I get assignments directly from SS. I haven't been asked to signup with American Destiny. P.S. From what I read, American Destiny is owned by SS.
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